The Central Bank of Nigeria (CBN) has began the disbursement of smaller naira notes to traders in order to improve circulation of N5, N10, N20, and N50 in the market.

The acting Director, Currency Operations Department, CBN Mrs Priscilia Eleje said this at a publicity campaign on “Disbursement of Lower Denominations of the Naira’’ in Wuse Market, Abuja on Tuesday,She said the campaign was targeted at the informal sector, especially traders in markets with the aim of increasing the circulation of the smaller units of the naira to make doing business easier.

According to her, the Federal Capital Territory will be used as the pilot stage of the new campaign and if successful, will be replicated nationwide. Eleje said the new strategy would ensure that traders desist from hiking prices of goods, simply to avoid looking for “change.’’ According to her, new naira notes will be distributed to traders within Wuse and Garki Markets and others through their associations.

"The notes we will be disbursing are mints. This money is not meant for you to keep in your house or to go and spray at weddings or sell. “We have our operatives everywhere and whoever is caught selling these notes will be prosecuted.“

These notes are meant to be used for daily transactions so that when a customer comes to the market, you won’t tell him or her that you don’t have change,’’ she said. Eleje said that the money was not free, adding that rather, the CBN through the various associations in the market would exchange lower denominations for larger ones.Also, the Deputy Director, Currency Operations Department, CBN Mr Vincent Wuranti, lectured the traders on ways to handle and maintain the naira notes.

He urged all users to desist from squeezing the notes, writing on them or using dirty hands to handle the notes. Wuranti also urged the public to inculcate the habit of using wallets in order to safeguard the naira and allow it to have a longer life span. The Chairman, Wuse Market Association, Mr Rapheal Okoro, said insufficient lower denominations of the naira was one of the greatest problems being faced by traders.

https://leadership.ng/2018/02/27/cbn-disburses-smaller-naira-notes-traders-end-scarcity/?_e_pi_=7%2CPAGE_ID10%2C3157300146

We should have more smaller notes than the big ones in circulation.Let CBN direct banks to load 200,100,50,20,10 and 5 notes in ATM machines like they do in abroad. It will bring value to our currency.

If the money is given to bank na sell dem go sell am last..

A won were Dede.

Some bankers will start keeping them in d name of new note business. Smh

Is it about the note or its value?
Shoprite littered my house with worthless coins

What a country

That Moment when you just realized that it cost over a thousand naira to mint five naira

Confused country. What will you use 5,10,20,50 notes to buy. When prices of everything is as high as aloha.

They give the masses change but rake in the huge funds

....

Hehehe...
Dem don knack Real Madrid another Ukwa....
Die minute goal dey pain pass Novalgin Injection.

An unwarranted scarcity..... The Govt is not proactive really.

And what about digital payments? Shouldn't they be promoting products like Secapay ?

What's the purchasing power of 5 and 10 nairas?

Spend 500 ngn to print 5 ngn. Hellconomics

ManirBK:
We should have more smaller notes than the big ones in circulation.Let CBN direct banks to load 200,100,50,20,10 and 5 notes in ATM machines like they do in abroad. It will bring value to our currency.

How will that bring value to our currency??

By the time you withdraw 50k u will see how many 65naira Emefiele would have charge you..

Awon mofos.

ManirBK:
We should have more smaller notes than the big ones in circulation.Let CBN direct banks to load 200,100,50,20,10 and 5 notes in ATM machines like they do in abroad. It will bring value to our currency.

All this "like they do abroad talk", so if I want to withdraw 40k, make I dey withdraw #20, #200 bah?

ManirBK:
We should have more smaller notes than the big ones in circulation.Let CBN direct banks to load 200,100,50,20,10 and 5 notes in ATM machines like they do in abroad. It will bring value to our currency.

seconded

For a working environment, Wetin go make CBN to begin enter market to dey change money? Nigerian ways of doing things eh

Biko, they should send 80% of it to Port Harcourt. I don't understand what is happenig to smaller notes (especially 100 naira notes) in PH these days. Taxi/Bus drivers keep shouting....if you don't have change, don't enter. Also, Market women have sworn not to sell to anyone without change.

Ejiro in my street i wanted to dash money, even told me to look for 'change' before dashing him the money because he has no time to look for change.

Omo segobe

Haaaaa, nigeria my country......
Hardly do we see the new naira notes in town expect in parties where one must pay 4k to 20k. Some of the guys doing the biz even go as far as carrying POS around.
And I asked where do they get the new notes, I was told not from banks but directly from CBN.
The people at CBN hoard the new smaller notes and give it out to people sell at events or parties and make more profits than those doing business.
It's well.....

ManirBK:
We should have more smaller notes than the big ones in circulation.Let CBN direct banks to load 200,100,50,20,10 and 5 notes in ATM machines like they do in abroad. It will bring value to our currency.

lol but sir, do you know how long the atm queues will be? some wicked Nigerians that wanto withdraw 100,000 will not now leave the 1000 dispensing machines and use the #5 own, because they want change

New swear word in my neighborhood is

"may your life be rumpled like the N100 notes in circulation"

Money will be paid to make the mints and definitely kickbacks will be gotten by ogas at the top for giving out the lower denomination printing contract. Una wehdone!

OK

am so affected

Moreoffaith:


How will that bring value to our currency??

By the time you withdraw 50k u will see how many 65naira Emefiele would have charge you..

Awon mofos.

Lower denominations can be disbursed by the ATM for people collecting say N2000 and bellow. There are ways around these things.

gurunlocker:


All this "like they do abroad talk", so if I want to withdraw 40k, make I dey withdraw #20, #200 bah?

If not for the rubbish mess up of our economy, that ₦40,000:00k you mentioned should be almost enough to buy a Range Rover if you added another ₦20,000:00k.